Bills to Extend Tax Credits Benefiting Biofuels Introduced

by Erin Voegele (Ethanol Producer Magazine) On Dec. 12, Rep. Scott Peters, D-Calif., introduced two bills that would benefit the biofuels industry. One, H.R., 3758, aims to extend the second generation biofuel producer credit and the special allowance for second generation biofuel plant property. The other, H.R. 3757, would extend and increase the tax credit for research and development.
H.R. 3757, also known as the “Second Generation Biofuel Extension Act of 2013,” would extend the second generation biofuel tax credit for one year, extending the expiration date from Jan. 1, 2014 to Jan. 1, 2015. It would also extend the special allowance for second generation biofuel plant property for one year, though Jan. 1, 2015.
According to information released by Peters, H.R.3758, or the “Igniting American Research Act,” would make the tax credit for research and development permanent. It is currently scheduled to expire at the end of the year. More specifically, the bill would extend the research credit through 2014 and make the Alternative Simplified Credit permanent and increase it from 14 percent to 20 percent. READ MORE